With Passage of S. 2155, Congress Promises to Restore Consumer Choice and Credit Access

Senate Passes Dodd-Frank Overhaul

FOR IMMEDIATE RELEASE

CONTACT: David Weissman, (202) 898-0542 or dweissman@consumersresearch.org

With Passage of S. 2155, Congress Promises to Restore Consumer Choice and Credit Access

On Wednesday, March 14, the Senate passed S. 2155, the Economic Growth, Regulatory Relief, and Consumer Protection Act. Authored by Senate Banking Committee Chairman Mike Crapo R-ID) together with Sen. Mark Warner (D-VA), this bill represents the first major bipartisan attempt at revisiting the 2010 Dodd-Frank Act.

Beau Brunson, Consumers’ Research’s Senior Policy Advisor, released the following statement on the bill’s passage:

Dodd-Frank reduced consumer choice and diminished credit access among the most vulnerable consumers. While there’s more to be done, passage of The Economic Growth, Regulatory Relief, and Consumer Protection Act represents a reasonable first step rolling back some of Dodd-Frank’s unintended consequences. Consumers would benefit if the House and Senate could quickly reconcile the bill with some of the robust consumer-focused provisions of the Financial CHOICE Act.”

The bill did not address the repeal of the Durbin Amendment, which has made traditional financial services more expensive for consumers, nor did it attempt to reform the Consumer Financial Protection Bureau (CFPB).

Washington, D.C., March 16 – Consumers’ Research, founded in 1929, is the nation’s oldest consumer organization that seeks to increase the knowledge and understanding of issues, policies, products, and services of concern to consumers. For more information, visit: https://consumersresearch.org/ and follow Consumers’ Research on Twitter at @ConsumersFirst.

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Kyle Burgess is the co-founder of two social enterprises and has worked in strategy, communications, and program management for a decade. Kyle received her Master’s degree in International Relations & Economics from the Johns Hopkins School of Advanced International Studies (SAIS) and her Bachelor's degree in Political Science from American University.

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